ECB’s Mario Draghi Urges Central Banks to Align Monetary Policy

ECB chief warns against competitive currency devaluations

SINTRA, Portugal—European Central Bank President Mario Draghi urged major central banks to better coordinate their policies to tackle the shared problem of ultralow inflation in his first major speech since Britain voted to exit the European Union.

The comments, to an ECB conference in Portugal, indicate a shift in emphasis for the eurozone’s central bank, which had until recently stressed its ability to hit its near-2% inflation target regardless of the side-effects of its policy measures.